SOURCE: Terra Energy & Resource Technologies, Inc.

January 12, 2011 06:00 ET

Terra Energy & Resource Technologies Completes Phase 1 of Services Contract With Petroquimica Comodoro Rivadavia for Oil & Gas Exploration in Argentina

NEW YORK, NY--(Marketwire - January 12, 2011) - Terra Energy & Resource Technologies, Inc. (OTCBB: TEGR), a natural resource exploration technology company, announces the completion of the first phase of its services contract with Petroquimica Comodoro Rivadavia S.A. (PCR). The oil and gas exploration services contract covers four stages of work with respect to several territories in Argentina, employing Sub-Terrain Prospecting (STeP®), Naturally Adsorbed Gas Survey (NAGS), and Side View Seismic Locator (SVSL) technologies of the Terra Technologies Suite.

Phase 1 STeP® analysis of two license blocks has been completed, and the Company received a full Phase 1 payment of $460,000. The Company has commenced geochemical studies of one of the surveyed license blocks using the NAGS technology, while it awaits the start of Phase 2 services which would include STeP® analysis of three additional territories. PCR has made an advance prepayment for the geochemical stage of the work in accordance with the contract.

"We have recently delivered the Phase 1 STeP® study report to PCR which was well received by the general manager of the oil and gas division, Mr. Miguel Torilo, as well as the rest of the PCR geology and geophysics staff," said Dmitry Vilbaum, CEO of Terra Energy & Resource Technologies. "Our discussion of the Terra STeP® results and PCR's interpretation of the oil and gas structures within the license areas was substantive, and we shared several important geological agreements between the findings of PCR and our STeP® analysis."

Dr. Alexandre Agaian, President of Terra Energy & Resource Technologies, stated: "We observed PCR's professionalism in its exploration approach, and we are pleased to continue this project's vast 750 geochemical sampling locations NAGS survey, covering approximately 200 square kilometers."

About Terra Energy & Resource Technologies, Inc.

Terra Energy & Resource Technologies, Inc., through its subsidiary Terra Insight Services, Inc., provides mapping and analysis services for exploration, drilling, and mining companies related to natural resources found beneath the surface of the Earth. The Company uses a suite of innovative and efficient technologies in the prediction and location of commercially viable deposits of hydrocarbons, gold, diamonds, and other natural resources, and assesses them for any given geographic area -- on or offshore. For more information, visit http://www.terrainsight.com.

Safe Harbor for Forward-looking Statements

This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. There are many factors that could cause the Company's expectations and beliefs about its operations, services, plans, projects, and contracts, and its plans or proposals to acquire interests in, or participate in, exploration activities or properties, to fail to materialize, including, but not limited to, availability of capital, satisfaction of contractual conditions and requirements, unfavorable geologic conditions, the amount of reserves projected or ultimately discovered, and general regional economic conditions.

Contact Information

  • For more information, please contact:
    Terra Energy & Resource Technologies, Inc.
    212-286-9197
    info@terrainsight.com